In my 25+ years in mortgage banking, one thing that has remained constant is that most lenders recruit sales professionals who are experienced in mortgage origination instead of hiring rookies. These companies hire experienced “C” players rather than potential “A” producers who need to be trained and developed. There are two main beliefs that […]
Many mortgage managers consider their companies to be originator-centric. These senior executives believe that sales employees drive success and they feel that their lender’s originator support is a competitive advantage. I certainly understand this viewpoint, especially in such a difficult recruiting environment. However, I would argue that focusing entirely on the originator experience can lead […]
Last week, Quicken shared its third quarter 2020 results with analysts, reporting record volume. While this is not surprising considering our recent historically low interest rates, Quicken’s numbers are truly extraordinary. The company is closing $1 billion in mortgage loans a day! This is impressive by any standard but there were a few revelations […]
In my training classes for originators, I often compare selling to sports to help students understand key concepts. The analogy works because students can easily relate to the similarities — the competition; the emotional highs and lows; and the identification of clear winners and losers at the end of a game. While all of […]
In the current marketplace, with borrowers still coming to originators in droves because of low interest rates, losing referral sources or former customers doesn’t seem like a big deal. There is always someone else to replace them in a hot market. But if the MBA 2021 forecast is correct, lenders and originators will experience […]